美国政府加征关税有两大目标，降低贸易逆差和促进美国再工业化，前者主要是经济层面的保护主义，后者更具有地缘竞争的特征，主要是针对中国 作为全球制造业体系中心的地位。两个目标相互联系，关键变量是规模，美国对一个小型经济体的贸易逆差不具有系统重要性。由此分析美国关税作 用的机制和影响需要重视规模经济的角色。美国的贸易逆差反映了其低储蓄率，后者有美元国际货币地位和美国大型科技企业全球收租的作用，国际 货币和数字经济有规模经济效应，但其垄断属性使得相关的收益更多由美国获取，包括负债成本低和资产高估值带来的财富效应，提高了消费率，贸 易逆差是结果的体现。另一方面，制造业也具有规模经济效应，但是充分竞争的行业，创新带来的垄断超额收益难以持久，中国的大制造业体系产生 的规模效应由所有经济体更平衡享受，体现为中国的实体资源对外转移（出口量大幅上升），结合内部社会保障体系不完善等结构性因素导致的需求 不足，形成宏观层面的贸易顺差。 美国关税可能对上述的两个规模经济模式带来重大冲击。近期美国市场出现罕见的"股债汇三杀"现象，反映了投资者对关税引发的国际经贸摩擦冲击 美元地位和科技巨头在一些领域的垄断地位的担忧。对全球经济来讲，关税 ...

面对全省各地旺盛的产业创新发展需求，如何精准服务各类创新创业主体和一线科研人员，进一步提高 科技政策的知晓度、覆盖面？4月29日，全省科技服务综合体政策宣讲"进基层"活动首站走进新乡。 "'入园区、进企业'是此次宣讲活动的主题，科技服务综合体就是要通过建立机制、设置课程、完善队 伍，开展'送上门''零距离'的政策宣讲服务，将科技服务触角延伸至基层一线，促进科技政策落实落地 落细。"省科技厅规划政法处有关负责人告诉记者，作为贯彻落实省委"四高四争先"部署的一次实践， 此次宣讲活动将分赴全省多个省辖市举办。 "作为企业，假如委托省内高校开展技术研发，我们双方可以享受到哪些政策优惠？"在新乡站活动现 场，一家企业的科研负责人向讲师提出了疑问。 "你们双方签订技术合同并认定登记后，企业可按照费用实际发生额的80%计入委托方研发费用并计算 加计扣除，高校可享受增值税减免优惠，还可申报省技术转移奖补。"省科技情报中心的王华雨细心讲 解，"按照政策，省内高校在豫实施技术转移转化，可依据技术交易额获最高10%、年度不超过100万元 的后补助，也就是说你们这个研发项目高校最高可以拿到100万元的奖补资金。" 来自新乡企业、高校 ...

Financial Performance - The company reported a basic earnings per share of -0.5500 yuan for 2024, a decrease of 175% compared to -0.2000 yuan in 2023 [1] - The net profit for 2024 was -0.47 billion yuan, representing a decline of 193.75% from -0.16 billion yuan in 2023 [1] - The operating revenue increased by 20.17% to 4.23 billion yuan in 2024, up from 3.52 billion yuan in 2023 [1] - The return on equity was -4.62% in 2024, a significant drop from -1.85% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 50.38 million shares, accounting for 59.42% of the circulating shares, with a decrease of 343,600 shares from the previous period [1] - The largest shareholder, Li Yin, holds 17.84 million shares, representing 21.05% of the total share capital, with no change in holdings [2] - New entrants among the top shareholders include the "Fuguo Balanced Preferred Mixed Fund" and "Hu Wengang," while Liu Jia and others have exited the top ten shareholders [2] Dividend Policy - The company has decided not to distribute dividends or increase capital through stock distribution [3]

1. 美国ETF创新产品：单股票杠杆反向产品密集发行 上周美国共12只新发产品，几乎都为单股票的杠杆反向产品： | Ax . LEREN X EIT | | | | --- | --- | --- | | 上市时间 | 量令名称 | 代码 | | 2025/4/24 | Leverage Shares 2X Long PLTR Daily ETF | PLTG | | 2025/4/24 | Tradr 2X Long QBTS Daily ETF | QBTX | | 2025/4/24 | Tradr 2X Long APP Daily ETF | APPX | | 2025/4/23 | T-Rex 2X Long GME Daily Target ETF | GMEU | | 2025/4/23 | T-Rex 2X Long SNOW Daily Target ETF | SNOU | | 2025/4/22 | Roundhill Magnificent Seven Covered Call ETF | MAGY | | 2025/4/22 | Direxion Daily BA Bear 1X ...

Core Insights - The integration of modern science and technology is significantly transforming Chinese archaeology, enhancing research precision and revealing unprecedented details [1][2][4] Group 1: Technological Advancements in Archaeology - The application of new materials and methods, such as the analysis of obsidian from the Jilin and Longdong cave sites, has uncovered both local and foreign sources, highlighting the circulation network of obsidian in East Asia [1] - The use of strontium isotope analysis in five of the shortlisted projects indicates a growing emphasis on studying material culture exchange networks and ancient migration behaviors [2] - Ground-penetrating radar and geomagnetic exploration techniques have led to the discovery of large stone structures at the Huangpi Panlong City site, marking the first identification of similar stone architecture in the late phase of the Yangtze River basin's Xia and Shang sites [2] Group 2: Preservation and Management of Cultural Relics - The collaboration between archaeological teams and conservation experts has strengthened the protection of artifacts, exemplified by the use of menthol reinforcement technology at the Huainan Wuwangdun No. 1 tomb [3] - A digital management platform for archaeological sites has been established, allowing for precise scanning and comprehensive recording of archaeological information, which supports future display, retrieval, and management [3] - The excavation of 882 wooden coffins, weighing nearly 200 tons, has been documented through promotional videos that illustrate the construction process, providing insights into the social hierarchy and rituals associated with the Wuwangdun No. 1 tomb [3]

Core Viewpoint - The Huai'an Economic and Technological Development Zone is focusing on high-quality development of the productive service industry by implementing a four-pronged approach: party building, industrial layout, innovation ecology, and talent foundation [1][5]. Group 1: Party Building and Innovation - The establishment of a Party-Mass Service Center in the software park has led to 35 enterprises covering approximately 505 Party members, creating a multi-dimensional party building network [2]. - The "E-Yun E-Red" brand and initiatives like "Science and Technology Innovation Lectures" are enhancing ideological guidance and integrating party goals with industrial development [2]. Group 2: Innovation Matrix and Industry Development - The development zone is targeting three leading industries: new materials, biomedicine, and intelligent manufacturing, creating a comprehensive innovation matrix from attraction to industrialization [3]. - A total of 27 technology innovation projects are expected to be attracted in 2024, including one project worth 1 billion [3]. Group 3: Talent Development - The talent development strategy includes recruiting 8 top graduates and hosting events to attract over 190 high-level talents, with a total of 820 high-level talents in the innovation and entrepreneurship sector [4]. - The park aims to achieve the highest concentration of high-level talents in the city by 2024, fostering a virtuous cycle of talent and industry [4]. Group 4: Reform and Mechanism Construction - The development zone is exploring market-oriented reforms, linking performance targets with promotions and salaries to enhance entrepreneurial vitality [5]. - The upgrade of the "one-stop" enterprise service center aims to provide standardized and personalized services, ensuring project progress is monitored bi-monthly and quarterly [5].

为招大引强，邗江区实施科技企业梯度培育计划，构建"科技型中小企业-高新技术企业—瞪羚企业—独 角兽企业"的创新发展梯队。2024年新招引科技型企业194家，数量位居全市首位；培育省潜在独角兽和 瞪羚企业5家；14家企业入选扬州市创新型企业50强，创新主体呈现"雁阵式"发展格局。 近年来，在创新驱动发展战略引领下，扬州市邗江区科技服务业呈现蓬勃发展态势，成为区域经济高质 量发展的新引擎。区发改委与科技局协同发力，通过构建"平台+企业+服务"三位一体创新生态体系， 推动全区科技服务业快速发展，2024年实现营业收入39.6亿元，增幅20.3%，为打造产业科创名城核心 区注入强劲动能。 邗江区坚持"大平台支撑大创新"发展思路，2024年成功签约北机电长三角创新中心、倾转旋翼飞机设计 研究院、中德欧产业园等三大重点项目，建成扬杰中央研究院、扬州高新智创园、坤鼎科创未来园等三 大创新载体。创新实施"四强型"科创载体建设方案，全区国家级孵化器优良率保持100%，区创业中心 连续三年获评优秀等次，扬杰科技（300373）获批全市唯一企业牵头建设的省级重点实验室，平台载体 建设实现量质齐升。 此外，更是创新打造"智汇邗江科洽 ...

Core Viewpoint - Nantong City is committed to the dual-driven development of advanced manufacturing and modern service industries, achieving a 16% year-on-year growth in service industry revenue in the first quarter, ranking third in the province [1]. Group 1: Investment Attraction - Nantong City emphasizes strategic thinking in attracting investments, focusing on service industry as a key area for development, with 155 promotional activities and 570 enterprise visits in the first quarter, resulting in 114 new service projects with a total planned investment of 10.41 billion [2]. - The city has established dedicated institutions and personnel for service industry investment, implementing a comprehensive monitoring and evaluation mechanism to ensure effective project attraction and execution [2]. Group 2: Strategic Opportunities - Nantong City is leveraging major strategic opportunities, such as the Yangtze River Delta integration and the construction of the Shanghai "Five Centers," to enhance collaboration and cooperation with advanced regions like Shanghai and Suzhou [3]. Group 3: Innovation and Integration - The integration of advanced manufacturing and modern services is seen as crucial for enhancing industrial competitiveness, with Nantong City promoting deep integration and innovation across various sectors, resulting in the establishment of 51 provincial-level integration pilot units [4]. - The city has introduced several high-quality innovation platforms to support industrial integration, including the establishment of a national technology transfer center and various research institutes [4]. - Zhongtian Technology, a national-level integration pilot unit, has developed an industrial internet platform that serves over 35,000 enterprises, facilitating digital transformation in manufacturing [4]. Group 4: Service Development - Nantong City focuses on nurturing service enterprises, with initiatives to support the growth of existing businesses and the establishment of new ones, leading to a continuous increase in the number of regulated service enterprises [5]. - The city is enhancing services for enterprises in areas such as financing and human resources, facilitating local market expansion and supporting businesses to thrive [6]. - Nantong is planning to implement a three-year action plan for the high-quality development of productive services, targeting sectors like technology services and modern logistics [6].

Core Insights - Modern service industry is a key driver for high-quality development and a crucial support for new productive forces, shaping new advantages in development [1] - Yandu District is focusing on the dual drive of advanced manufacturing and modern service industries, promoting urban-rural integration and policy innovation to build a modern service system [1][4] Group 1: Urban Economic Development - Yandu District is accelerating the transformation of automotive consumption from "functional" to "experiential," enhancing the "automotive + lifestyle" service ecosystem to invigorate the urban economy [2] - A flagship automotive service center has been established, covering 6,400 square meters, providing seamless customer experiences through services like "appointment test drives" and "home pick-up" [2][3] - The automotive service center has sold over 130 smart new energy vehicles this year, averaging over 40 sales per month [3] Group 2: Service Industry Enhancement - Yandu District emphasizes the importance of urban economic work, focusing on quality and quantity, and aims to enhance the scale and vitality of the service industry [4] - The district is nurturing local service enterprises and has established a cultivation list for service and trade enterprises to support their growth [4][5] - There is a strong push for project attraction, targeting influential enterprises to inject new momentum into high-quality urban economic development [5] Group 3: Infrastructure and Capacity Building - The Yancheng Intelligent Manufacturing Port project, with a total investment of approximately 500 million yuan, aims to create a high-tech, green headquarters park to support the intelligent manufacturing industry [7] - The project will provide comprehensive services for enterprises, including innovation, supply chain, and financial technology support [7] - Yandu District is focusing on optimizing existing commercial spaces and enhancing land招商 to attract quality service enterprises, aiming for a modernized and efficient service industry [8]

Core Insights - The Hong Kong Monetary Authority (HKMA) and Hong Kong Cyberport Management Company announced the launch of the second phase of the Generative Artificial Intelligence (GenA.I.) sandbox program aimed at providing banks with a controlled environment to develop and test AI-driven innovative solutions [1][2] - The second phase will focus on enhancing risk management, anti-fraud measures, and customer experience use cases, building on the positive response to the first phase launched in January [1] - A key optimization measure in the second phase is the introduction of the "GenA.I. Sandbox Co-Creation Lab," which will facilitate early engagement between banks and technology providers through practical workshops [1] - The HKMA plans to hold workshops in the coming weeks to discuss how to leverage AI to combat the growing threat of deepfake fraud [1] Industry Implications - The initiative reflects the commitment of the HKMA to promote responsible GenA.I. innovation within the banking sector, encouraging banks to integrate AI technology into their risk management frameworks [2] - The fifth FiNETech event, where the second phase was announced, gathered over 150 professionals from banking and technology sectors involved in AI-related fields, indicating strong industry interest and collaboration [2]